Control of portal may be switched

FINANCE firms behind an alternative lending portal have offered to hand over control of the site as part of a Government review into ways to get money flowing into business hands.

In its submission to the consultation, the alternativebusinessfunding group proposed that the Government outsourced the management of its platform to an independent organisation to ensure its neutrality, with the platform funded by a membership fee.

The platform would be used to match businesses referred by banks with funders, offering another way for small and medium-sized firms to find the finance they need to grow.

Adam Tavener, pictured, chairman of pensionledfunding.com, an ABF member and the catalyst for the creation of the portal, said: "It seems that both the relevant Government departments and our peers recognise the effectiveness of the ABF portal in guiding an SME owner quickly and simply to a likely source of finance, without cost, bias or risk."

The consultation, proposed by the Chancellor in the March Budget, is looking at how to deliver on proposals to make banks refer SMEs rejected for loans to alternative lenders.